NXT-ID subsidiary Fit Pay is on a roll, according to its President. Speaking on the Investorideas.com podcast, Fit Pay President Michael Orlando pointed to new fitness tracking products that feature Fit Pay contactless payments technology, and hinted at new developments to come.
The recently launched products are both from Garmin. One is the Vivoactive 3 Music wristband, the latest iteration of the Vivoactive 3 device launched last September; the other is the Fēnix 5 Plus athletic smartwatch. Both feature Garmin Pay, a contactless payments system based on the Fit Pay platform.
Orlando also highlighted the broader support for Fit Pay, asserting, “We’re in over 20 countries right now, that includes over 130 banks, and they’re the largest banks in those regions because they’re typically the earliest to adopt and the most innovative banks.” Orlando also noted Chase Bank’s recent support for Visa and debit cards on Garmin Pay devices, saying through the American bank, “we’ve added a huge constituency of consumers that now have access to Garmin Pay and the Fit Pay platform.”
It’s a lot to celebrate, not just for FitPay but for the nascent wearable payments industry more broadly, indicating that consumer interest in such technologies is on the rise. And Orlando said his firm has more big announcements on the way for Q3 and Q4, potentially including a launch date for the Fit Pay Flip, a wearable payments device that will focus on cryptocurrency.
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